relation: http://eprints.imtlucca.it/3572/
title: Learning from successes and failures in pharmaceutical R&D
creator: Chiou, Jing-Yuan
creator: Magazzini, Laura
creator: Pammolli, Fabio
creator: Riccaboni, Massimo
subject: HD28 Management. Industrial Management
subject: HD61 Risk Management
description: In this paper, we build a cumulative innovation model to understand the role of both success and failure in the learning dynamics that characterize pharmaceutical R&D. We test the prediction of our model by means of a unique dataset that combines patent information with R&D projects, thus distinguishing patents related to successfully marketed products from those covering candidate drugs that failed in clinical trials. Results confirm model predictions showing that patents associated with successfully completed projects receive more citations than those associated with failed projects. However, we also show that failed projects can be in turn cited more often than patents lacking clinical or preclinical information. We further explore the `black box' of innovation, providing evidence that both successes and failures contribute to R&D investment decisions and knowledge dynamics in science-driven sectors.
publisher: Springer
date: 2016
type: Article
type: PeerReviewed
identifier:   Chiou, Jing-Yuan and Magazzini, Laura and Pammolli, Fabio and Riccaboni, Massimo  Learning from successes and failures in pharmaceutical R&D.  Journal of Evolutionary Economics, 26 (2).  pp. 271-290.  ISSN 0936-9937      (2016)  
relation: http://dx.doi.org/10.1007/s00191-015-0439-z
relation: doi: 10.1007/s00191-015-0439-z